Deal News Transportation & Logistics What's up in Your Market
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Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018 www.pwc.de Deal News Transportation & Logistics What's up in your 16. April 2018 market – a focus on deals activity Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018 Globaltrans suitor Roman Trotsenko, the owner of airport holding Novaport, has Roman Trotsenko confirmed interest in the acquisition of a 25% stake in Globaltrans, the confirms interest in freight rail operator in Russia, a Russian newswire reported. Prime buying 25% stake (translated) quoted Trotsenko, speaking on 13 April on the sidelines of the Krasnoyarsk Economic Forum, who confirmed interest in buying a 25% stake in Globaltrans. The businessman did not say the price at which he evaluates the stake, adding it would be linked with the market. Russian businessmen Konstantin Nikolayev, Nikita Mishin and Andrei Filatov, through their specialized companies, own in total a 34.5% stake in Globaltrans (each owns an 11.5% stake), the item reported. Russian online service RBC has earlier reported, citing several sources, that Trotsenko is in talks to acquire a 34.5% stake in Globaltrans, the item continued. Trotsenko also said he is uninterested in other railway assets, in particular Transcontainer, Prime further reported. Globaltrans posted RUB 78.1bn (USD 1.26bn) revenue and RUB 13.8bn net profit in full year 2017, according to company’s financial results for the year ended 31 December 2017. 14.04.2018 Newswire Round-up TransContainer The Russian government has postponed the April-month privatisation privatisation plans of TransContainer, the largest rail container operator in Russia, postponed - report the Russian-language online daily RBK reported, citing sources in the (translated) know. The government does not plan to sell the TransContainer shares in April, the item reported, citing a source in one of the relevant departments and a source close to one of TransContainer’s shareholders. The sources did not say for how long the privatisation plan has been postponed. In November 2017, Russia’s First Deputy Prime Minister Igor Shuvalov, in a letter to President Vladimir Putin, proposed to sell the 50.2% stake + two shares in TransContainer, belonging to state railway group RZD, in April 2018, according to the report. An RBK source in one of the government departments has said there is no final decision on the subject. In 2017, TransContainer posted RUB 6.5bn (USD 102.5m) net profit in accordance with IFRS, the article reported. Due to the collapse of the stock market and the risk of new sanctions, now is not the best time for the sale of TransContainer, the report also said, citing a source in RZD and one analyst. Enisey Capital, affiliated with Roman Abramovich and Alexander Abramov, which in December last year acquired a 24.5% stake in TransContainer, is interested in participating in the company’s privatisation, RBK further reported, citing a Enisey Capital spokesperson. Earlier in April, Kommersant reported that Russia’s state-owned railway group RZD would be able to put up for sale the 50% stake +2 shares in TransContainer, as the reorganization process of United Transportation and Logistics Company (UTLC, OTLK) had been completed. The reorganisation process of UTLC Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018 was completed on 2 April, the Russian newspaper reported, citing an announcement of RZD, TransContainer, UTLC and RZD’s subsidiary RZD-Logistics. Before the reorganization, the above stake was held in UTLC, the Russian- Kazakh-Belarusian joint venture, established by RZD, Belarusian Railway and Kazakhstan Temir Zholy. Now RZD will be able to meet the government’s instruction to put up the 50% stake +2 shares in TransContainer up for an auction, the paper reported. 13.04.2018 RBK Daily 05.04.2018 Kommersant DFDS to buy DFDS has today (12 April) announced its entry into an agreement to Turkey's U.N. Ro-Ro acquire 98.8% of U.N. Ro-Ro, Turkey's largest operator of freight for EUR 950m; shipping routes connecting Europe and Turkey from Turkish private plans share issue to equity firms Actera Group and Esas Holdings. "With the acquisition of fund fleet renewals, U.N. Ro-Ro, we are expanding into one of Europe's most attractive opportunities freight markets which is operationally similar to northern Europe. This gives us opportunity together with the existing strong management team to leverage our network, fleet, experience and skills to develop the business further while supporting the growth of U.N. Ro-Ro's customers", says Niels Smedegaard, CEO of DFDS. DFDS will acquire U.N. Ro-Ro for EUR 950m (DKK 7.1bn) on a debt free basis, which will be mainly funded through committed debt financing. The acquisition is expected to be earnings accretive already in 2018. U.N. Ro- Ro's ROIC post acquisition exceeds DFDS' cost of capital. The transaction is subject to approval by the Turkish, Austrian and German competition authorities as well as Italian authorities in relation to the transfer of the Trieste terminal as a strategic asset. Closing of the transaction is expected to take place in June 2018. Earlier on, in March 2018, UN Ro- Ro had filed a draft prospectus for an IPO. As per the prospectus, the company was planning to increase its capital from TRY 822.757m to TRY 1.048bn (USD 267.4m) through the IPO, whereby its shareholder Trieste Midco Denizcilik was planning to further sell shares with TRY 300m of capital as well. 12.04.2018 Stock Exchange Announcement(s) (Edited) Groupe Coquelle French transportation services provider Groupe Coquelle has opened its brings in Bpifrance capital to Bpifrance, according to an announcement from the state- as investor owned investment group. The French-language item noted that existing investor Finorpa, which has backed the business since 2001, sold its stake. PE firm Siparex re-invested via its Nord Ouest Entrepreneurs 4 fund, while its Siparex Entrepreneurs 1 exited the capital. The Coquelle family, who owns the business, and the management team, via holding vehicle Somaco, increased their stake. Groupe Coquelle has a headcount of 670 and generates revenues of EUR 100m. President Christophe Coquelle said that they are studying several acquisition dossiers. 11.04.2018 Company Press Release (Translated) Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018 FirstGroup rejects FirstGroup, a UK-based transport company, has announced that it has bid approach from been approached by the private equity firm Apollo Management Apollo Management regarding a potential takeover offer. The statement from FirstGroup on Wednesday, 11 April follows: Statement re possible offer The Board of FirstGroup plc (“FirstGroup” or the “Company”) notes the recent movement in FirstGroup share price and confirms that it has received a preliminary and highly conditional indicative proposal from Apollo Management IX L.P. (“Apollo”) relating to a possible cash offer for the entire issued and to be issued ordinary share capital of FirstGroup (the “Proposal”). The Board of FirstGroup has considered the Proposal in detail and believes that it fundamentally undervalues the Company and is opportunistic in nature. Accordingly, the Board of FirstGroup has unanimously rejected the Proposal. There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made. A further announcement will be made in due course if and when appropriate. In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Code"), Apollo must, by not later than 5.00 p.m. on 9 May 2018, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. This announcement has been made by FirstGroup without the agreement or approval of Apollo. In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on FirstGroup’s website at www.firstgroupplc.com by no later than 12 noon (London time) on 12 April 2018. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. 11.04.2018 Stock Exchange Announcement(s) CEVA Logistics CEVA Logistics (“CEVA” or the “Company”), one of the world’s leading planning primary third-party logistics companies with USD 7.0 billion of revenue today IPO on Swiss SIX announces its intention to conduct an initial public offering (IPO) and to Exchange valued at list its shares on SIX Swiss Exchange. The proposed IPO is expected to CHF 1.3bn consist of an all primary offering in the amount of approximately CHF 1.3bn (EUR 1.1bn). The objective of the IPO is to accelerate the execution of the Company’s growth and margin expansion strategy by strengthening the balance sheet. CEVA expects to list in the second quarter of 2018, subject to market conditions. CEVA Logistics is one of the world’s leading third-party logistics companies with 56,000 staff and a comprehensive service portfolio in Freight Management and Contract Logistics Strong strategic platform through global presence in 160 countries with a strong footprint in high growth markets, notably Asia, a diversified blue-chip customer base and end-to-end solutions capabilities Revenues in 2017 were USD 7.0 billion, up by 5.2%, and Adjusted EBITDA was USD 280 million, up by 10.2% vs.